Jan 29, 2015 08:45 AM EST

Time Warner Cable continues to lose video subscribers

Time Warner Cable Inc (TWC.N), the second-largest U.S. cable TV operator, reported lower-than-expected revenue as more customers switch to internet streaming services offered by companies such as Netflix Inc (NFLX.O).

The company, which is being bought by market leader Comcast Corp (CMCSA.O) for $45.3 billion, lost net 38,000 residential video customers in the quarter. The company lost net 85,000 residential video subscribers a year earlier.

Video streaming service Netflix pulled in 1.9 million streaming U.S. customers in the fourth quarter and forecast signing up 1.8 million more in the current quarter.

As of Dec. 31, Time Warner Cable had 10.8 million household video subscribers, down from 11.1 million a year earlier.

Net income attributable to common shareholders rose to $554 million, or $1.95 per share, from $540 million, or $1.89 per share. On an adjusted basis, the company earned $2.03 per share.

Revenue rose to $5.79 billion from $5.58 billion.

Analysts on average had expected earnings of $2.08 per share on revenue of $5.81 billion, according to Thomson Reuters I/B/E/S.

Time Warner Cable's shares closed at $139.1 on the New York Stock Exchange on Wednesday.

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